Global supply chain solutions reached USD 20.42 billion in 2022, and the market is expected to grow at 15.0% during 2023-2030, according to Grand View Research’s “Supply Chain Solutions Industry Data Book, 2023 – 2030“. Adoption of the cloud for smart manufacturing and penetration of digital platforms are vital to streamlining the supply chain. The advent of Industry 4.0, cloud computing, IoT connectivity, AI, and analytics provides operational efficiency for products and factories.
Supply chain uncertainties tackled by the solutions include inflation, geopolitical events, component shortages, unanticipated demand surge, and climate change. Predictive, descriptive, and prescriptive analytics is fueling the penetration of supply chain analytics to boost accuracy in planning, enhance margins, minimize costs, and attain a lean supply chain. Advanced analytics ensure alerts arrive on time and reduce risk at less sustainability impact and little cost. Businesses are expected to use AI-based software and blockchain technologies to predict and forecast events.
Vendor risk management helps enterprises monitor, assess and manage risk exposure from third-party suppliers. With today’s cyber threats, vigilance and transparency will provide the impetus to risk managers. Risk management programs that can reduce costs, enhance efficiency, identify risks, and augment return on equity are expected to gain ground.
Trends include the application of smart glasses to propel productivity and efficiency across the business vertical; procurement-as-a-service will be pronounced to foster business processes and use technology to automate mundane tasks. North America will account for a significant share of the global market in the wake of growing penetration of IoT and advanced technologies across healthcare, BFSI, manufacturing, and retail.